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English news

14-Feb-2016

Ten automotive distributors halt taking orders for some models on FX shortage

Several Egyptian automotive distributors have stopped taking orders for some passenger car models indefinitely, citing FX shortages as the key hindrance for local automotive supply, according to a report by Al Mal. Some automotive distributors have stopped taking orders  for their models after waiting lists exceeded one year, including suppliers of Jeep and Mercedes Benz, according to Al Masria Auto’s Chairman, Shady Ryan. Mercedes Benz authorised distributor, Giza National Automotive, Chairman, Yousri Ismail, said that he expects the move would reduce Mercedes’ sales by up to 50% this year. Al Mal report noted that producers that stopped taking orders for some models include: Volkswagen, Seat, Jeep, Mercedes, Nissan, Honda, Toyota, Suzuki, Kia and Hyundai, distributed by GB Auto (AUTO.CA). (Al Mal)   GB Auto: EGP2.32 as of 11 February 2016, Rating: Buy, FV: EGP5.00 per share, MCap: USD325 million, AUTO EY / AUTO.CA

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